One of the largest digital asset managers in the world, the Canadian company Purpose Investments Inc. announced the filing of a prospectus and annual information form with the Canadian securities regulators for managing three cryptocurrency exchange-traded funds (ETFs).

The filing includes Purpose Crypto Opportunities ETF, Purpose Bitcoin Yield ETF, and Purpose Ether Yield ETF. To invest in securities which provide exposure to digital assets, Purpose Crypto Opportunities ETF will focus to invest in publicly listed securities, also including investment funds and derivative instruments. In August, funds filed with the Ontario Securities Commission. For the Crypto Opportunities fund, Neuberger Berman Breton Hill ULC private investment manager will serve as an independent subadvisor.

Both Purpose Bitcoin Yield ETF and Purpose Ether Yield ETF seek to offer monthly distributions and long-term capital appreciation to investors. Investment target will be obtaining mainly by direct and possible indirect exposure to bitcoin and Ether respectively using a derivative-based strategy with respect to portfolio securities. Three ETF series in which Purpose Bitcoin ETF is available including Canadian dollar-denominated ETF currency-hedged units (BTCC), Canadian dollar-denominated ETF non-currency hedged units (BTCC.B), U.S. dollar denominated ETF non-currency hedged units (BTCC.U), and mutual fund units. Purpose Ether ETF is available in mutual fund units and the three ETF series- ETHH, ETHH.B and ETHH.U.

In February 2021 after getting approval from the Canadian securities regulator, Purpose Bitcoin ETF was introduced. ETF grew its assets under management to more than $400M in two days after its launch. In April, Purpose introduced another world-first, a direct custody Ether ETF. Chief Investment Officer of Purpose Greg Taylor said “The cryptocurrency markets are known for their volatility. We filed to launch these actively managed cryptocurrency ETFs to help investors benefit from active management by seasoned investment professionals who will be well-positioned to generate income, and manage risk and the volatility for investors,”.

Other launches company is focusing on

Purpose is seeking to offer exposure to the growing opportunities in decentralized finance (DeFi) and the unique DeFi investment universe. To fulfil this objective, Purpose is aiming to launch Purpose DeFi Opportunities Fund which will be a privately offered fund.

About Purpose

In 2012 Canadian company Purpose Investments was founded and grew over $1B in assets under management. In March 2021, the total value of assets managed by Purpose Bitcoin ETF crossed $1B and launched the world’s first physically settled Bitcoin ETF.

Indrani bose

CBW - External Analyst

INDIA